Oil futures settled higher on Friday, posting a gain for the month but a loss for the quarter.

Crude prices have found support from the OPEC+ deal and voluntary production cuts made by several members to support the market, including Saudi Arabia, said Fawad Razaqzada, market analyst at StoneX. "The cuts mean supply could tighten significantly if members comply." At the same time, the market has seen sharp declines in U.S. crude-oil stocks and China's refinery throughput jumped more than 15% in May year on year -- its second-highest level on record," he said.

August West Texas Intermediate crude climbed 78 cents, or 1.1%, to settle at $70.64 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract rose nearly 3.8% for the month and lost almost 6.7% for the quarter, according to Dow Jones Market Data.

Source: Marketwatch